A Handy Guide to the CFPB

CFPB (Consumer Financial Protection Bureau) officially opened its doors and Blake Ellis at CNN Money has put together a well-constructed interactive guide that explains all the charges of the CFPB.

This guide may be even more informative than the official CFPB website which lacks a great deal of content.

CFPB is the brainchild of Elizabeth Warren and was put into place a year ago when Congress passed and President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act.

The purpose of the agency is described as ” to be a cop on the beat to enforce the laws on credit cards, mortgages, student loans, prepaid cards, and other kinds of financial products and services.” The consumer bureau’s statutory obligations are designed to make markets for consumer financial products and services work in a fair, transparent, and competitive manner. The intent is to create a means for consumers to shop and compare financial services on a level playing field.

No one is quite sure how things will shake out with the CFPB, but for now we like this CNN Money guide which seems to offer an objective perspective on how the agency operates.


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